EVOLUTION MINING LIMITED — Investor Presentation 2024

Sep 15, 2024

Inspired people creating a premier global gold company

Denver Gold Forum

Lawrie Conway – Managing Director and Chief Executive Officer 16 September 2024

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Forward looking statement

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These materials prepared by Evolution Mining Limited ('Evolution' or 'the Company') include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', and 'guidance', or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Non-IFRS financial information

Investors should be aware that financial data in this presentation includes ‘non-IFRS financial information' under ASIC Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC and also ‘non-GAAP financial measures' within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. Non-IFRS/non-GAAP measures in this presentation include gearing, sustaining capital, major project capital, major mine development, production cost information such as All-in Sustaining Cost and All-in Cost. Evolution believes this non-IFRS/non-GAAP financial information provides useful information to users in measuring the financial performance and conditions of Evolution. The non-IFRS financial information do not have a standardised meaning prescribed by the Australian Accounting Standards (‘AAS’) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this presentation. Non-IFRS financial information in this presentation has not been subject to audit or review by the Company’s external auditor.

This presentation has been approved for release by Evolution’s Chair, Jake Klein.

All amounts are expressed in US dollars using an AUD:USD exchange rate assumption of 0.675 unless stated otherwise.

All production and financial information in this presentation represents Evolution’s share unless otherwise stated.

2

Evolution snapshot

MARKET CAPITALISATION[1]

$5.8B / A$8.6B

MINERAL RESOURCES[2]

32.7Moz gold, 4.1Mt copper

ORE RESERVES[2]

11.5Moz gold, 1.3Mt copper

FY25 PRODUCTION GUIDANCE[3]

710koz – 780koz

$995/oz – $1,060/oz A$1,475/oz – A$1,575/oz

FY25 AISC GUIDANCE[3,4]

23 consecutive dividends paid over $810M in total (A$1.2B)

DIVIDENDS

FY24 OPERATING MINE CASH FLOW5

~47% margin

US$1,410/oz

1. Based on share price of $4.34 per share and RBA AUD:USD exchange rate of A$0.6693 on 13 September 2024

2. See the Appendix of this presentation for information on Evolution’s Mineral Resources and Ore Reserves

Red Lake

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Ernest Henry

Mt Rawdon Northparkes Cowal

Mungari

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1. See ASX announcement titled ‘Record FY24 profit and high margin cash flow into FY25’ dated 14 August 2024 available to view at www.evolutionmining.com.au

2. FY25 AISC Guidance is based on gold price of $2,228/oz (A$3,300/oz) and copper price of $9,686/t (A$14,350/t). FY25 AISC provided for continuing operations – excluding Mt Rawdon

3. 1. Calculated using the planned AUD:USD exchange rate for FY25 of 0.675

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Vision, purpose and strategy

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Inspired people creating a premier global gold company

To deliver long-term stakeholder value through low-cost production in a safe, environmentally and socially responsible way

Integrate Drive a Take appropriate sustainability high-performing geological, into everything culture with values operational and we do and reputation as financial risks non-negotiables

Build a portfolio Have financial of up to discipline centred 8 assets in Tier 1 around margin and jurisdictions appropriate capital generating returns superior returns

Our values

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Safety

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Excellence

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Accountability

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Respect

4

Positioned for success

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Gold and copper prices moving higher High quality portfolio advantageously placed Investment grade balance sheet Proven team in place Consistent delivery and high cash generation

5

Sustainability – integrated into everything we do

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10.7 TRIF [1]
down
Health, Safety 8.8
28%
7.7
and Wellbeing
FY22 FY23 FY24
FY22 FY23 FY24
Committed to
-7.0%
reducing -9.4%
carbon -14.3%
-30%
footprint [2]
Emissions reduction 2030 target
Indigenous outcomes
▪
Supporting recognition of our
Stakeholder partnerships with Traditional
Owners
partnerships ▪
Ongoing shared value
relationships
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1. Total recordable injury frequency (TRIF): The frequency of total recordable injuries per million hours worked. Financial year results are based on 12-month average as at 30 June of each year. TRIF as at 30 June 2023 has been updated to include Northparkes full year TRIF

2. Net Zero future commitment of 30% emissions reduction by 2030 and net zero emissions by 2050 relative to the adjusted FY20 baseline including Northparkes, excluding Discovery and Corporate offices. Emissions targets are related to Scope 1 and Scope 2. Calculated using market-based methodology from July 2023. Subject to external validation expected in September 2024

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6
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Long life, high return portfolio

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Percentage repaid
Portfolio average return on investment of 15% with a further 18 years mine life
up to 25%
26-50%
100%
350
Return on investment
Cowal
300
20%+ ROI
Ernest Henry
250
EVN Average
200
15-20%
ROI
Northparkes
150
Mungari Red Lake
100
10-15%
ROI
50
0
0-10%
10 12 14 16 18 20 22 24 26 28
ROI
Mine Life (years)
Mt Rawdon - opportunity to transition to a pumped hydro facility following conclusion of operations in FY25
(koz)
1
Annual production – gold equivalent
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Portfolio average return on investment of 15% with a further 18 years mine life

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1. Ernest Henry and Northparkes production includes copper production converted to gold equivalent using the formula [Cu (t) * 2024 achieved Cu price ($/t) / 2024 achieved Au price ($/oz)]. Achieved prices for Ernest Henry are A$13,369/t copper and A$3,214/oz gold. Achieved prices for Northparkes are A$14,538/t copper and A$3,583/oz gold. All other site production values are gold ounces only

PCopper rtfolio differentiation – gold plus copper

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✓ Cashflow: significant and stable , prospering through the cycle

✓ Long-life, large ore bodies, providing economies of scale

~34% ~29% of Mineral Resources of revenue from copper[1]

of Mineral Resources comprised of copper[2]

1[,] 3,4

Ernest Henry US $1.00/lb Cu 52kt, Au 79koz

Northparkes US $1.50/lb Cu 29kt, Au 38koz

Located in Cloncurry, Australia

Located in Parkes, Australia

✓

✓ Low-cost operations , well placed on the global cost curve ✓ Tier 1 locations – regulatory, geology, mining & infrastructure ✓ Significant resource conversion track record & opportunities

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Evolution - Globally competitive copper producer [5]
120 $3.61 4.00
100 3.50
80 98 3.00
81 $2.21
60 $2.08 2.50
$1.83
40 2.00
20 $1.18 39 1.50
24
13
0 1.00
Sandfire Evolution Metals Acquisition 29 Metals AIC Mines
Copper production (kt) C1 (US$/lb)
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1. Based on FY24 full year results

5. Copper Mineral Resources have been converted to gold equivalent for comparison using the formula [Cu (t) * Cu price ($/t) / price ($/oz)] – based on prices of A$14,500/t copper and A$3,500/oz gold

6. Northparkes production shown on an 80% attributed basis to Evolution

Northparkes figures have been annualised to represent a full year of ownership for Evolution in FY24

All production and C1 cost figures are sourced from CY2024 ASX announcements accessible via the following links: SFR dated 29 8 August 2024, EVN dated 18 July 2024, MAC dated 28 August 2024, 29M dated 23 February 2024 and AIC dated 31 July 2024

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High margin, high cash generation to continue in FY25

Production guidance

Operating mine cash flow ($M)

▪ Gold: 710,000 – 780,000 ounces

▪ Copper: 70,000 – 80,000 tonnes

Cost guidance

▪ All-in Sustaining Cost: $995/oz – $1,060/oz[1,4 ] (A$1,475/oz – A$1,575/oz)

High cash generation momentum to continue

▪ Material cash flow upside at current spot prices

▪ Further deleveraging of the balance sheet

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$1,220
A$1,805
$1,010
A$1,541
FY24 actual [2,4] FY25 guidance
(midpoint at spot) [3,4]
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Mine cash flow before major
capital ($M)
$1,060
A$1,570
$875
A$1,330
FY24 actual [2,4] FY25 guidance
(midpoint at spot) [3,4]
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1. FY24 actual: gold price $2,091/oz copper price $8,954/t 3. FY25 guidance midpoint at spot: gold price $2,227/oz, copper price $9,247/t 4. AUD:USD conversion rates. FY24: 0.656 FY25: 0.675

2. All-in Sustaining Cost (AISC) includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. FY25 AISC provided for continuing operations – excluding Mt Rawdon

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Increasing shareholder returns as we deleverage

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Shareholder returns

▪ 23[rd] consecutive dividend

• Fully franked A$0.05 per share – up 150%

• Higher dividends as deleveraging continues

Balance sheet – investment grade

▪ Investment grade rating reaffirmed - annual review

• Gearing at 25%, down from 33% peak in FY2023

• Significant liquidity at A$928M, up A$412M

▪ Majority of debt (74%) fixed at 3.7% , average 5%

• Low gold hedging

▪ 50koz/yr in FY25-26 at A$3,205/oz

▪ No copper hedging

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Dividends per share & gearing (A$)
16
17.0
15.0 33% 30%
12
13.0 28% 25% 25%
11.0 20%
9.0 15%
6 7
7.0 15% 10%
4
5.0 5%
7%
3.0 0%
FY20 1 FY21 2 FY22 3 FY23 4 FY24 5
Dividends per share (cps) Gearing %
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Low cost & long tenor debt aligned with cash flows (A$M)
Long-term debt 74% of total (6-12 year tenor)
Near-term debt 26% of total
477
170
145
273
50 273
50 85
75
153 153
25 120 50
95
50 35 25
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
Bank Term Loans - Facility F Bank Term Loans - Facility G USPP 10
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Extensive growth options across the portfolio

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Near term (FY25)

• ✓ Cowal underground (higher grade) ramping up to 2.4Mtpa in FY26

• ✓ Ernest Henry mine extension FS due end Mar 2025

• ✓ Northparkes lower capital intensity via E48 sub level cave

Medium term

• ✓ Cowal Open pits extend mine life to 2042

• ✓ Ernest Henry Bert discovery, potential additional production resource[1]

• ✓ Northparkes Multiple high margin options

  • ✓ E48; E22; E26; GRP314; MJH

• ✓ Mungari mill expansion in execution

• ✓ Exploration potential at Major Tom and E51[1]

• ✓ Doubling to 4.2Mtpa

• ✓ Production and cash flow growth at lower AISC

• ✓ Mungari mill expansion completion due Mar 2026 ✓ Mt Rawdon opportunity to transition to pumped hydro facility

• ✓ Red Lake move to positive cash flow operation via stable and consistent delivery

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Summary

FY24 – Record financial performance

FY25 – Positioned to deliver

High return, long life portfolio

Cash generation momentum with copper differentiation (~30% sales) Right capital allocation mix – reinvestment, deleveraging & dividends

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Appendix FY25 guidance

FY25 guidance (AUD)

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FY25 guidance	Gold production (koz)	Copper production (kt)	AISC ($/oz)1,2	Sustaining capital ($M)3	Major mine development capital ($M)4		Depreciation & amortisation ($/oz)2,6
						Major project
						capital ($M)5
Group	710 – 780	70 – 80	1,475 – 1,575	215 – 270	150 – 200	365 – 430	900 – 1,000
Cowal	315 – 335	–	1,700 – 1,770	45 – 55	30 – 40	70 – 85	430 – 480
Ernest Henry	75 – 80	47 – 53	(2,500) – (2,300)	50 – 60	25 – 35	95 – 105	2,300 – 2,500
Northparkes	40 – 50	23 – 27	(1,600) – (1,400)	25 – 35	15 – 20	25 – 35	2,000 – 2,200
Mungari	125 – 135	–	2,550 – 2,650	45 – 55	30 – 45	110 – 130	550 – 600
Red Lake	125 – 145	–	2,500 – 2,600	40 – 50	50 – 60	65 – 75	850 – 950
Mt Rawdon	30 – 35	–	3,000 – 3,500	5 – 10	–	–	2,200 – 2,300
Corporate	–	–	110 – 125	5	–	–	3 – 4

1. AISC includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. FY25 guidance range for group AISC calculated for continuing operations - excluding Mt Rawdon, which will cease operations in FY25

2. AISC and gold equivalent calculations are based on metal prices of $14,350/t for copper and $3,300/oz gold

3. Sustaining capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines

4. Major mine development comprises costs incurred to establish access to ore bodies over long term

5. Major project capital includes expenditure to establish new assets or a material change in production rates as per WGC

6. Ernest Henry and Northparkes depreciation per equivalent gold ounce is $1,600 - $1,770$/oz and $1,475 - $1,630$/oz respectively

14

FY25 guidance (USD)

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FY25 guidance	Gold production (koz)	Copper production (kt)	AISC ($/oz)1,2	Sustaining capital ($M)3	Major mine development capital ($M)4		Depreciation & amortisation ($/oz)2,6
						Major project
						capital ($M)5
Group							605 – 675
	710 – 780	70 – 80	995 – 1060	150 – 190	100 – 140	255 – 295
Cowal	315 – 335	–	1145 – 1190	30 – 35	20 – 30	50 – 60	290 – 320
Ernest Henry	75 – 80	47 – 53	(1,690 – (1,555)	35 – 40	15 – 25	65 – 70	1550 – 1685
Northparkes	40 – 50	23 – 27	(1,080 – (945)	20 – 25	10 – 15	20 – 25	1350 – 1485
Mungari	125 – 135	–	1720 – 1785	30 – 40	20 – 30	75 – 90	370 – 405
Red Lake	125 – 145	–	1685 – 1755	25 – 35	35 – 40	45 – 50	570 – 640
Mt Rawdon	30 – 35	–	2025 – 2360	5 – 10	–	–	1485 – 1550
Corporate	–	–	70 – 80	5	–	–	0 – 5

1. AISC includes C1 cash cost, plus royalties, sustaining capital, general corporate and administration expense, calculated per ounce sold. FY25 guidance range for group AISC calculated for continuing operations - excluding Mt Rawdon, which will cease operations in FY25

2. AISC and gold equivalent calculations are based on metal prices of A$14,350/t for copper and A$3,300/oz gold

3. Sustaining capital relates to investment to maintain ongoing production per World Gold Council (WGC) guidelines

4. Major mine development comprises costs incurred to establish access to ore bodies over long term

5. Major project capital includes expenditure to establish new assets or a material change in production rates as per WGC

6. Ernest Henry and Northparkes depreciation per equivalent gold ounce is A$1,600 - A$1,770$/oz and A$1,475 - A$1,630$/oz respectively

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Appendix FY24 Financial Performance

FY24 highlights

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Improvements in all key sustainability metrics

Low-cost production 717koz at A$1,477/oz

Record underlying profit up 135% to A$482m High cash margin & cash flow FY25 building on FY24

Deleveraging continuing Gearing down to 25%

Improved shareholder returns – Full Year dividend up 75%

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Record financial performance

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Financials Units FY23 FY24 Change Statutory profit after tax A$M 164 422 158% Underlying profit after tax A$M 205 482 135% EBITDA A$M 839 1,428 70% UnderlyingEBITDA A$M 904 1,513 67% EBITDA margin % 38% 47% 24% Operatingmine cash flow A$M 944 1,539 63% Net mine cash flow A$M 36 583 1,533% Capital investment A$M 798 740 7% Gearing % 33% 25% 22% Groupcash flow1 A$M (116) 367 417% Earningsper share A$cps 9 22 147% Final dividend(fully franked) A$cps 2 5 150% 18 1. Cash flow before dividends, debt repayments, equity raises and any acquisitions or divestments

Cost drivers and sensitivities well known

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FY25 cash flow sensitivities (A$M) Key cost drivers FY24 [1]
Operating costs (+/-5%) 95 – 105
Diesel
Royalties 4%
Copper price (-/+ $1,100/t) 75 – 85 5%
Gold price (-/+ $100/oz) 65 – 70 Other
14%
Contract Labour
Copper volume (-/+5%) 50 – 55 25%
FY25 AISC sensitivities (A$/oz)
Electricity
Operating costs (+/-5%) 130 – 140
9%
Employee
labour
Copper price (+/- $1,100/t) 100 – 110 Maintenance 24%
Parts
19%
Copper volume (+/-5%) 70 – 75
Sustaining capex (+/-5%) 15 – 20
1Data as at 30 June 2024
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Delivering improved margins

Focus on margin over ounces

• Significant margin and cash growth

• Banking upside of high metal prices

• Cowal: Consistent high cash contributor

• Ernest Henry: Reliable delivery and cash generation

• Northparkes: Full year of ownership and low capital intensity

• Mungari: Transition to a major cash contributor post expansion

• Red Lake: Operational stability to deliver positive

cash flow

• Mt Rawdon: Generating cash in the final year

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Cash flow (A$M)
1,539
944
583
367
36
(116)
Group cash flow Net mine cash flow Operating mine cash
flow
FY23 FY24
EBITDA margin
47%
38%
FY23 FY24
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Appendix Portfolio Overview

Ernest Henry: reliable delivery and cash generation

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Mine extension to ~2040 – study progressing

▪ Feasibility Study due March quarter 2025

• Study scope increased - Ernie Junior drilling extending mineralisation 300m north of the mine extension footprint, now incorporated in Feasibility Study

• Reserve growth likely through conversion of large resource footprint as part of study

Bert orebody – potential for additional production source to complement mill[1]

• Record drill intercept - Exploration drilling returned the highest-grade gold intercept ever drilled at operation - 51.7m (43.0m estimated true width) grading 4.12g/t gold & 1.65% copper

• Potential to be mined independently of the underground materials handling system

• Opportunity to extend mineralisation with further drilling planned in FY25

Significant and consistent cash generation since acquisition

• Returned more than $2.0B since acquisition[2 ]

• All acquisition and capital costs repaid - Acquired economic interest 2016 (A$880M), full ownership in 2022 (A$1.0B)

Track record of significant resource and reserve growth[3]

• Ore Reserve more than doubled to 74.5Mt from 34.3Mt (Dec 2022 - Dec 2023)

• Next Mineral Resource and Ore Reserve update in second half FY25

• Material extension to mine life since acquisition - increased to 2040 from 2027 based on current reserves and resources

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Figure 1: North-South section looking west of the Ernest Henry mineralisation. Bert intersection from EH1402 approximately 50m down plunge of current interpretation. Additional drilling planned in September 2024 quarter to follow up down-plunge of EH1402.

1. See ASX announcement titled 'Exceptional Results From Step-Out Drilling at Ernest Henry', dated 18 July 2024 and available to view on our website www.evolutionmining.com.au. 2. Net mine cash flow to FY24

2. See the Appendix of this presentation for further information on Ernest Henry’s Mineral Resources and Ore Reserves as at 31 December 2023

22

Cowal: long life consistent cash contributor

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▪ Cornerstone asset of the portfolio

▪ Long mine life ahead – mining lease to 2045

▪ Material cash flow at high rate of return

• Open pit provides long-term production base

▪ Underground mine – higher grade

• Successfully and safely delivered

▪ Supports the 16% increase to ~ 320,000oz

▪ Further exploration potential exists

1. For more information on Cowal’s Mineral Resources and Ore Reserves at acquisition see the ASX release titled ‘Transformational Acquisition of Cowal Gold Mine’ dated 25 May 2015 and available to view on our website www.evolutionmining.com.au. Cowal’s Mineral Resources at acquisition includes reserves and measured, indicated and inferred resources estimated and disclosed according to Canadian NI 43-101 standards.

2. See the Appendix of this presentation for further information on Cowal’s Mineral Resources and Ore Reserves as at 31 December 2023

Acquisition Current	Acquisition Current	Acquisition Current
Ore Reserves (% of group) 1.6Moz1 (35%) 4.5Moz2 (39%)
Mineral Resources (% of group) 3.4Moz1 (31%) 8.8Moz2 (28%)
Mine life 2024 (9yrs) 2040+ (16yrs+)
Plant capacity 7.2Mtpa ~8.8Mtpa
FY163 FY24
Gold production (% of group) 240koz (30%) ~313koz (44%)
Operating cash flow $193M $605M
Net mine cash flow4 $164M $294M
		220,000 312,644 315,000 – 335,000 FY15 FY24 FY25 Cowal gold production (oz)
		220,000 312,644 315,000 – 335,000 FY15 FY24 FY25 Cowal gold production (oz)

1. Production and cash metrics for FY16 cover the period from completion of acquisition on 24 July 2015 to 30 June 2016 4. Post all capital

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Cowal: multiple long term ore sources

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E46
E42
E41W Regal
Galway
E41E
Underground Inferred Mineral Planned Development – Ore Reserve
Resource – Dec 2023 – Dec 2023
Underground Indicated Mineral Proposed Open Pits EIS 2023
Resource – Dec 2023
Stopes – Probable Ore Reserve – Proposed Lake Protection Bund
EIS 2023
Dec 2023
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See the Appendix of this presentation for further information on Evolution’s Mineral Resources and Ore Reserves as at December 2023

Mine sequencing – Open pit, underground, stockpile

Key benefits

• Open cut - E42 baseload ore source for ~12 years

• Stage H: ~18 months mine life remaining

• Stage I: ~10 years

• Complemented by E46 and E41 at different stages

• Underground (UG) – higher grade ore, ~12year LOM, 2.4mtpa rate in FY26

• Stockpiles – large inventory to draw on (~46Mt)

• Processing plant maintained at capacity via three ore sources, including stockpiles

• UG to account for ~50% of gold production

• Favourable proximity between ore sources and infrastructure

• Reduced haulage distance

• Sustainability through backfilling satellite pits

24

Northparkes: world class, long life, low cost

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Location	Approximately 27km north-west of Parkes in New South
	Wales, Australia
Property	Mining Lease (MLs 1247, 1367, 1641, 1743) encompasses
	an area of 2,673 hectares
Commencement	Mining commenced 1993 and processing 1994
Mining method	Conventional open pit and underground caving mine
Mineralisation type	Porphyry hosted stockwork quartz-sulphide veins
Tenement package	1,096km2
Processing	Crushing, grinding and flotation to produce a
	copper/gold/silver concentrate
Power	Grid power supplied to the mine by 132kV transmission
	line
Workforce	~400

25

Northparkes: exceeding early expectations

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▪ Generating cash from day 1 Net mine cash flow ($M)[1] ▪ Delivered $74M in first 6½ months ▪ IMMEDIATE CASH Operating costs and capital better than plan 1 ▪ 136 Copper benefit GENERATION ▪ 74 Production of ~25kt per year ▪ Copper price up 10% since acquisition[2] FY24 Annualised ▪ 30 year mine life lifting portfolio average to ~15 years ▪ Already repaid 10% of invested capital at a rate of 2 HIGH QUALITY 20% per annum ▪ Increased Group copper Mineral Resources by 127% ASSET ~10% and Ore Reserves by 41%[3] payback annualised[20%] ▪ repaid[4] Substantial exploration potential from known targets ▪ Modest major capital profile FY25-27 at $45-60M per Capital outlook ($M) annum Annual average FY25-27 ▪ 3 LOW CAPITAL Maintains production continuity compared to due 45-60pa diligence analysis 25-35pa INTENSITY ▪ Processing capacity maintained for next 10 years ▪ Maximising return on existing capital ▪ Optionality on timing of multiple ore sources Sustaining Major

1. Northparkes net mine cash flow FY24 covers the period from 16 December 2023 to 30 June 2024

2. Using a copper price of $4.22/lb

3. The Group Mineral Resource is reported inclusive of the Northparkes Mineral Resource, which excludes the Northparkes Ore Reserve. See the Appendix for more information about Evolutions Mineral Resources and Ore Reserves as at 31 December 2023

4. Percentage repaid to 30 June 2024

26

Northparkes: multiple potential production sources

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Underground operations

~~Site overview~~

▪ E48

• First lift (E48L1) completed December 2023

• Sub level cave (SLC) of E48L2 due to be executed from FY25, benefitting from existing infrastructure

• E48 was the first fully automated underground mining operation

• E26

• E26 mining areas comprised of L1, L2, L1N block caves and the E26SLC

• Current mining is focused on E26L1N block cave (commenced 2022) and E26SLC (commenced 2016)

• E26 L1N block cave expected to operate thru 2032

• E26SLC consists of 6 sub levels, 4 mined to date

Open cut operations

• History of open cut mining over three decades, complementing underground production

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See the Appendix for more information about Evolution’s Mineral Resources and Ore Reserves as at 31 December 2023

• Current open cut mines are E31 and E31N

• Discovery focus on near surface opportunities in proximity to existing infrastructure – Major Tom and E51

27

Mungari: pivoting to major cash contributor

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• Consistent operations under Evolution ownership

  • Over 1 million ounces of gold produced

    • Avg production 130koz pa FY22-24

  • ~A$950 million operating mine cash flow

  • ~A$480 million[1] net mine cash flow

• Mungari 4.2 – Mill expansion approved June 2023

• A$250 million infrastructure investment

• 13 months into 30-month build

• On schedule and budget to complete by March 2026

• More than doubles processing capacity from 2.0 to 4.2Mt

• Risk mitigation measures

• Labour risk diminished; construction contract secured

• Over 60% of capex committed

• Power – generators in place

• Operational readiness team in place

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1. Excludes Mungari 4.2 project spend

Red Lake: focus on consistent positive cash generation

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FY25 delivery underpinned by FY24 groundwork

• Targeting positive cash generation and reliable delivery in FY25

• Production trend favorable through 2HFY24

• Trend continuing in FY25, ~12.5koz per month, up ~25% on FY24

• Record ore mined of 254kt in JQ24 (annualized ~1mtpa rate), under Evolution ownership

• Contingency improved through establishment of a surface stockpile (25kt), strengthening operational resilience in FY25

• Operational flexibility - Three mining fronts (including CYD) now accessible

• Management team in place

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29
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Mt Rawdon: transitioning to pumped hydro

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Environmental Impact Study submitted in May 2024 to the Queensland government, providing pathway to state and federal regulatory approval of the project.

Lowest risk and cost of projected pumped hydro capacity in Australia[1]

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Appendix Mineral Resources and Ore Reserves

Group gold Mineral Resources at 31 December 2023

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	Gold	Gold	Gold	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	CP9
	Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
	Cowal1	Stockpiles	0.35g/t Au	46.4	0.51	763	2.0	0.65	42	-	-	-	48.4	0.52	805	1
	Cowal2	Open pit	0.35g/t Au	-	-	-	172.0	0.85	4,691	30.0	0.79	763	202.0	0.84	5,455	1
	Cowal3	Underground	1.5g/t Au	-	-	-	21.7	2.50	1,741	13.1	2.37	998	34.8	2.45	2,738	1
	Cowal1	Total		46.4	0.51	763	195.6	1.03	6,474	43.1	1.27	1,761	285.1	0.98	8,998	1
	Ernest Henry4	Total	0.7% Cu	30.3	0.82	798	36.7	0.78	920	30.1	0.69	670	97.1	0.76	2,388	2
	Mungari1	Stockpiles		-	-	-	3.0	0.60	58	0.0	1.14	2	3.1	0.60	59
	Mungari2	Open pit	0.29–0.33g/t Au	-	-	-	75.6	0.97	2,347	28.3	1.02	926	103.9	0.98	3,273	3
	Mungari3	Underground	1.46–2.47g/t Au	1.5	4.63	219	8.6	4.34	1,199	8.7	3.98	1,120	18.8	4.20	2,538	3
	Mungari1	Total		1.5	4.63	219	87.2	1.29	3,603	37.1	1.72	2,048	125.8	1.45	5,870	3
	Red Lake1, 3	Total	2.5–3.3g/t Au	-	-	-	32.4	6.89	7,174	22.7	6.10	4,456	55.1	6.56	11,631	4
	Mt Rawdon1	Total	0.23g/t Au	5.9	0.30	57	3.7	0.65	77	-	-	-	9.5	0.44	134	5
	Marsden5	Total	~0.2g/t Au	-	-	-	119.8	0.27	1,031	3.1	0.22	22	123.0	0.27	1,053	6
	Subtotal			84.0	0.68	1,837	475.4	1.26	19,279	136.2	2.05	8,957	695.7	1.34	30,073
	Northparkes6	Open pit	Various	7.3	1.05	246	2.4	1.2	93	0.1	1.16	6	9.8	1.09	345	7
	Northparkes7	Underground	Various	192.0	0.19	1,153	172.5	0.15	832	46.5	0.19	280	410.9	0.17	2,264	8
	Northparkes8	Total		199.3	0.22	1,398	174.9	0.16	925	46.6	0.19	285	420.8	0.19	2,609
	Grand Total 283.3 0.36 3,235 650.3 0.97 20,205 182.8 1.57 9,242 1,116.4 0.91 32,682

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding.

1. Includes stockpiles

1. Open Pit Mineral Resource reporting shells were optimised using a gold price of $AU 2,500/oz. All material which meets or exceeds the cut-off grade within the developed pit shells is included in the reported Mineral Resource

2. Underground Mineral Resource reporting shapes were developed using a gold price of $AU 2,500/oz; all material which falls within optimized mining shapes inclusive of internal waste or low grade is included in the reported Mineral Resource

3. Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope which includes internal waste and low-grade material

4. Marsden Mineral Resource is reported based on an NSR value calculation that considers mining and processing costs, metallurgical recoveries, royalties, transport and refining costs into account. The NSR produces a value cut-off (by block) that is approximately equivalent to a 0.2g/t gold cut-off

5. Northparkes Open Pit Mineral Resource includes all material within designed pit shells above an economic cutoff grade; cut-off grades are 0.65g/t Au for E44 and 0.34% CuEq for E31 and have been calculated based on US$3.30/lb copper, US$1,350/oz gold and 0.73 AUD:USD conversion rate

6. Northparkes Underground Mineral Resource metal price and exchange rate assumptions vary by project, reporting shapes were developed using price assumptions between US $1.69 - US$3/lb copper, US$660 - US$1350/oz gold and an AU$:US$ conversion rate of 0.73 - 0.75. Northparkes underground cut-off grades are reported within 0.4% Cu grade shells with the exception of E22 using A$18NSR, E26 L2 using A$40NSR and MJH using A$25NSR

7. The reported Mineral Resource shown for Northparkes is exclusive of Ore Reserves. The values reported reflect the 80% portion attributable to Evolution Mining only. Triple Flag Metal Purchase and Sale Agreement purchased 67.5% of gold production capped at 630koz gold, followed by 33.75% gold production for the remaining life of mine with ongoing payments equal to 10% of the spot metal price delivered – 41koz delivered under this agreement to 31/12/2023

8. Mineral Resources Competent Persons (CP’s) are: 1. Ben Reid; 2. Phil Micale; 3. Brad Daddow; 4. Alain Mouton; 5. Mathew Graham-Ellison; 6. James Biggam; 7. Geoff Smart; 8. David Richards

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new

information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports

32

Group gold Ore Reserves at 31 December 2023

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	Gold	Gold	Gold	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Competent Person10
	Project	Type	Cut-off (g/t Au)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)	Tonnes (Mt)	Gold Grade (g/t)	Gold Metal (koz)
	Cowal1	Stockpiles	0.45g/t Au	40.4	0.52	681	2.0	0.65	42	42.4	0.53	723	1
	Cowal2	Openpit	0.45g/t Au	-	-	-	73.6	1.00	2,376	73.6	1.00	2,376	1
	Cowal3	Underground	0.6 / 1.8 g/t Au	-	-	-	18.7	2.27	1,364	18.7	2.27	1,364	2
	Cowal1	Total		40.4	0.52	**681 **	94.3	1.25	3,783	134.6	1.03	4,463
	Ernest Henry4	Underground	0.50–0.75% CuEq	24.6	0.62	**491 **	49.9	0.36	573	74.5	0.44	1,064	3
	Mungari1	Stockpiles	0.45g/t Au	-	-	-	1.1	0.83	28	1.1	0.83	28	4
	Mungari5	Open pit	0.39–0.56g/t Au	-	-	-	33.2	1.05	1,121	33.2	1.05	1,121	4
	Mungari6	Underground	2.18–3.63g/t Au	0.4	4.42	60	2.7	4.39	385	3.1	4.40	445	4
	Mungari1	Total		0.4	4.42	60	36.9	1.29	1,534	37.4	1.33	1,595
	Red Lake1,7	Total	2.5–4.1g/t Au	-	-	-	12.4	6.87	2,748	12.4	6.87	2,748	5
	Mt Rawdon1	Open pit	0.32g/t Au	1.9	0.41	25	3.3	0.70	75	5.2	0.59	100	6
	Marsden8	Open pit	0.3g/t Au	-	-	-	65.2	0.39	817	65.2	0.39	817	7
	Subtotal 67.3 0.58 1,258 262.2 1.13 9,530 329.4 1.02 10,787
	Northparkes1	Stockpile	0.38– 0.58% CuEq	3.1	0.32	32	-	-	-	3.1	0.32	32	8
	Northparkes9	Open pit	0.33–0.50% CuEq	8.4	0.50	134	1.3	0.30	12	9.7	0.47	147	8
	Northparkes9	UG	0.38–0.58% CuEq	0.6	0.37	7	61.6	0.24	477	62.2	0.24	484	9,10
	Northparkes1	Total		12.1	0.44	173	62.9	0.24	489	75.0	0.27	662
	Grand Total 79.4 0.56 1,430 324.9 0.96 10,019 404.3 0.88 11,449

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1. Includes stockpiles

2. Cowal Open Pit Ore Reserves are reported with respect to the declared Mineral Resource from December 2023. E42, E41, E46 and GRE Open Pit Ore Reserves are supported by the OPC Feasibility Study completed in June 2023 that demonstrates the proposed mine plans and schedules are economically viable. E46 and GR were optimised using a A$1,800/oz gold price assumption. E41 and E42 Stage I were optimised using gold price assumptions of $1,584/oz and $1,944/oz respectively. The Cowal Open Pit Ore Reserves are economic viable at the Evolution life of mine gold price assumption of A$2,650/oz.

3. Cowal Underground Ore Reserve has been optimised using a A$1,800/oz price assumption, economically tested at up to A$2,650/oz and considers updated modifying factors and depletion. The Cowal Underground Ore Reserve includes development material at an incremental cut-off grade of 0.6g/t Au

4. Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled “Annual Mineral Resources and Ore Reserves Statement” dated 16 Feb 2023 and available to view at www.evolutionmining.com.au . The applied flow model cut-off grades of 0.50 % and 0.75% copper equivalent ('CuEq’) are determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utilised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.047

5. Mungari Open Pit Ore Reserve cut-off varies from 0.39g/t Au to 0.65g/t Au; the weighted average cut-off is 0.50g/t Au. Gold prices between A$1,800 and A$2,400/ounce were used to calculate cut-off grades for Open Pit Ore Reserve estimate

6. Mungari Underground Ore Reserve cut-off varies from 2.80g/t Au to 3.63g/t Au; the weighted average cut-off is 3.19g/t Au. Gold price of A$1,800 was used to calculate cut-off grades for the Underground Ore Reserve estimate

7. Red Lake Ore Reserve has been evaluated using an A$1800/oz price, except for the Upper Campbell and Upper Red Lake regions which have been re-reported this year using previous price assumptions of A$1600/oz. In 2024 a ‘Hill of Value’ study is scheduled to optimize the mine plan and cutoff criteria throughout the operation

8. The Marsden Ore Reserve has been reported using a ‘Net Smelter Return’ (NSR) cut-off which takes into account ore haulage from Marsden to Cowal, ore processing costs at Cowal, general and administration costs, treatment and refining costs, concentrate costs, metallurgical recoveries, metal payabilities, metal prices, and royalties.The breakeven NSR value equates approximately to a 0.3g/t Au cutoff. The Ore Reserve estimate was developed using a A$1,350 per ounce gold price and a A$6000/t copper price

9. Northparkes Ore Reserve is based on Pre-Feasibility & Feasibility studies completed at different times using differing price assumptions. Copper price assumptions vary between US$ 2.75-3.77/lb, Gold price assumptions vary between US$ 1250-1750/oz and AUD:USD exchange rates used were between 0.73-0.78. The values reported reflect the 80% portion attributable to Evolution Mining only.

10. Group Gold Ore Reserve Competent Person (CP) Notes refer to 1. Dean Basile (Mining One); 2. Ryan Bettcher; 3. Michael Corbett; 4. Blake Callinan; 5. Brad Armstrong; 6. Ben Young; 7. Glen Williamson; 8. Sam Ervin; 9. Mark Flynn; 10. Sarah Webster

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the

information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports

33

Group copper Mineral Resources at 31 December 2023

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	Copper	Copper	Copper	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Resource	Total Resource	Total Resource	CP6
	Project	Type	Cut-off	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)
	Ernest Henry1	Total	0.7% Cu	30.3	1.39	422	36.7	1.33	487	30.1	1.18	354	97.1	1.30	1,263	1
	Marsden2	Total	~0.2g/t Au	-	-	-	119.8	0.46	553	3.1	0.24	7	123.0	0.46	560	2
	Subtotal 30.3 1.39 422 156.5 0.66 1,040 33.2 1.09 362 220.1 0.83 1,823
	Northparkes3	Open pit	Various	7.3	0.16	12	2.4	0.03	1	0.1	0.03	0	9.8	0.12	12	3
	Northparkes4	UG	Various	192.0	0.58	1,116	172.5	0.54	923	46.5	0.57	265	410.9	0.56	2,304	4
	Northparkes5	Total		199.3	0.57	1,128	174.9	0.53	924	46.6	0.57	265	420.8	0.55	2,316
	Grand Total			229.6 0.68 1,550 331.4 0.59 1,963 79.8 0.78 626 640.9 0.65 4,139

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding.

1. Ernest Henry Operations reported Mineral Resources are reported within an interpreted 0.7% Cu mineralised envelope which includes internal waste and low-grade material

2. Marsden Mineral Resource is reported based on an NSR value calculation that considers mining and processing costs, metallurgical recoveries, royalties, transport and refining costs into account. The NSR produces a value cut-off (by block) that is approximately equivalent to a 0.2g/t gold cut-off

3. Northparkes Open Pit Mineral Resource includes all material within designed pit shells above an economic cutoff grade; cut-off grades are 0.65g/t Au for E44 and 0.34% CuEq for E31 based on US$3.30/lb copper, US$1,32/oz gold and 0.73 AUD:USD conversion rate

4. Northparkes Underground Mineral Resource metal price and exchange rate assumptions vary by project, reporting shapes were developed using price assumptions of US $1.69 – US$3/lb copper, US$660 – US$1350/oz gold and an AU$:US$ conversion rate of 0.73 -0.75. Northparkes underground cut-off grades are reported within 0.4% Cu grade shells with the exception of E22 using A$18NSR, E26 L2 using A$40NSR and MJH using A$25NSR

5. The reported Mineral Resource shown for Northparkes is exclusive of Ore Reserves. The values reported reflect the 80% portion attributable to Evolution Mining only. Triple Flag Metal Purchase and Sale Agreement purchased 67.5% of gold production capped at 630koz gold, followed by 33.75% gold production for the remaining life of mine with ongoing payments equal to 10% of the spot metal price delivered – 41koz delivered under this agreement to 31/12/2023

6. Group Copper Mineral Resource Competent Person (CP) Notes refer to 1. Phil Micale; 2. James Biggam; 3. Geoff Smart; 4. David Richards

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports

34

Group copper Ore Reserves at 31 December 2023

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Copper	Copper	Copper	Proved	Proved	Proved	Proved	Probable	Probable	Probable	Total Reserve	Total Reserve	Total Reserve	Total Reserve	CP5
Project	Type	Cut-Off	Tonnes (Mt)	Copper Grade (%)		Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)	Copper Metal (kt)	Tonnes (Mt)	Copper Grade (%)		Copper Metal (kt)
Ernest Henry1	Underground	0.50–0.75% CuEq	24.6	1.08		267	49.9	0.59	297	74.5	0.76		563	1
Marsden2	Open pit	0.3g/tAu	-	-		-	65.2	0.57	371	65.2	0.57		371	2
Subtotal 24.6 1.08 267 115.1 0.58 668 139.7 0.67 934
Northparkes3	Stockpiles	0.33– 0.55% CuEq	3.1	0.31	10		-	-	-	3.1	0.31	10
Northparkes4	Open pit	0.34–0.50% CuEq	8.4	0.35	30		1.3	0.31	4	9.7	0.35	33		3
Northparkes4	UG	0.38–0.58% CuEq	0.6	0.49	3		61.6	0.55	340	62.2	0.55	343		4,5
Northparkes	Total		12.1	0.35	42		62.9	0.55	344	75	0.51	386
Grand Total 36.7 0.84 309 177.9 0.57 1,011 214.7 0.62 1,320

Data is reported to significant figures to reflect appropriate precision and may not sum precisely due to rounding

1. Ernest Henry reported Ore Reserve estimate is based on the December 2022 Mineral Resource detailed in the ASX Release titled “Annual Mineral Resources and Ore Reserves Statement” dated 16 Feb 2023 and available to view at www.evolutionmining.com.au . The applied flow model cut-off grades of 0.50 % and 0.75% copper equivalent ('CuEq’) are determined through an economic evaluation process which considers the Net Smelter Return (NSR) and operating costs. The utlised copper equivalent equation is: CuEq = Cu + Au NSR/56.4 where; Au NSR = 38.5 * Au - 0.047

2. Marsden Ore Reserve is reported based on an NSR value calculation that considers ore haulage from Marsden to Cowal, ore processing costs at Cowal, general and administration costs, treatment and refining costs, concentrate costs, metallurgical recoveries, metal payabilities, metal prices, and royalties.The breakeven NSR value equates approximately to a 0.3g/t Au cutoff. The Ore Reserve estimate was developed using a A$1,350 per ounce gold price and a A$6000/t copper price 3. Includes stockpiles

3. Northparkes Ore Reserve is based on Pre-Feasibility & Feasibility studies completed at different times using differing price assumptions. Copper price assumptions vary between US$ 2.75-3.77/lb, Gold price assumptions vary between US$ 12501750/oz and $AUD:$USD exchange rates used were between 0.73-0.78. The values reported reflect the 80% portion attributable to Evolution Mining

4. Group Copper Ore Reserve Competent Person (CP) Notes refer to 1. Michael Corbett; 2. Glen Williamson; 3. Sam Ervin; 4. Mark Flynn; 5. Sarah Webster

This information is extracted from the release titled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 14 February 2024 and available to view at www.evolutionmining.com.au. The Company confirms that it is not aware of any new

information or data that materially affects the information included in the release and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Reports

35

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